Fidelity Exits Indian Fund Market

Fidelity Worldwide Investment, an affiliate of U.S. money manager Fidelity Investments, is selling its mutual- fund business in India after making losses every year since it set up shop in 2004.

The India business, which comprises FIL Fund Management Pvt. and FIL Trustee Co., is being sold to L&T Finance Ltd., part of Larsen & Toubro Group, a large domestic engineering and construction company that entered the mutual-fund business two years ago. The sale price wasn’t disclosed.

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